Private Student Loans
Fill the financial gap with private loans and make educational goals a reality
For decades, the federal government has been an enthusiastic and generous supporter of the idea that every child in America who wants to pursue a college education should be able to. To support that ideal, the government offers a range of programs—from federally guaranteed Stafford Loans to a wide range of scholarships and grants—that help students and their families achieve their educational dream.
Citizens Bank, like other responsible private lenders, encourages students and parents to first exhaust these sources of educational support before looking into private loans from financial institutions. It only makes sense to maximize your exposure to lower cost programs.
Still, for most students, these federal financial aid programs, however comprehensive they may seem, simply will not be enough to cover the total cost of their education. That's where private student loans, which are sometimes called alternative loans, come in. They help fill the gap, and cover such education-related expenses as:
- Room and board
- Computers and other crucial technology
- Lab fees
- Student travel
- Other education related expenses
More about private student loan rates
These student loan rates are credit-based, similar to your mortgage or car loan. Thus, they require that a borrower has steady income and a reasonably good credit history. However, few undergraduate students have the requisite income or credit history to independently secure a loan or affordable college loan rates. This generally means they'll need a co-signer of their choice on the loan, often a parent, legal guardian or family member.
The good news about private loans: pursuing higher education represents a family investment in the future earning potential of that student. Statistics show that it's an investment that overwhelmingly pays attractive dividends. The median lifetime earnings of college graduates is nearly double that of those whose education ends with high school, according to U.S. Labor Department surveys.
Learn more about our affordable private loan
Find additional student financing resources and get helpful information about our TruFit Student Loan®. If you still have questions, call a student loan specialist at 1-800-708-6684, and we'll help walk you through the process.